Budgeting Tips for 2022

Wow, it’s 2022 and 2021 seemed to be over in the blink of an eye. I hope you had the most wonderful festive season. A world away from 2020 when visits to family was a dream. Christmas is always wonderful but many of us really feel the financial pinch that comes with it. It’s always nice to prepare for the year ahead, in life and finances. Today, let’s talk budgeting tips for 2022 so you can be better prepared for the year ahead. We can always have morefamily budget tips.

The Importance of Budgeting for 2022

With immense pressure everyone has been under the past couple of years it’s unsurprising families are worse of financially. Many businesses struggled after Covid initially hit and many didn’t make it through the pandemic. This obviously had a huge impact on many losing their jobs. The recent rise in energy prices has seen many finding it difficult just to pay their energy bills. A few budgeting tips for 2022 could go a long way.

Budgeting Tips and Where to Start?

Starting with a list of all incoming money is the best. Be sure to check the gov.uk benefits calculator in case you may be entitled to any help. Especially if you’re on a low income because you just don’t know, it’s always worth a check. It may be that you’re only entitled to a small amount of help but every bit does help!

Next, you want to make a list of all standard monthly outgoings. Include every expenditure and when those bills need to be paid. Is it a weekly or monthly bill? Don’t forget any subscriptions you may have such as beauty boxes, game subscriptions, Amazon Prime or even tv services. From here you’ll be able see where you can trim any payments that are other wise put to better use.

When to Budget

The best budgeting tip is that you should be reviewing it weekly and monthly. Budgeting at the end of each month in preparation for the next month is the best place to start. You can calculate your incomings against your list of outgoings of standard bills. Then add any extra activities or events you may have that month such as a birthday or special event. Then weekly you can check over your budget to keep track of your spending and hopefully save some money where you can.

Where You Can Save?

There are so many ways to save money but here let’s just pinpoint some of the BIG savings you can make to your everyday life. They don’t have to be huge or time-consuming things but some simple switches can save you real money. We are all probably guilty of some of the everyday overspending that comes with modern life.

• Making your own Lunch for work or days out.
• Taking your own hot beverage in a reusable cup.
• Scaling back on online purchases.
• Cutting out one pay-per-month subscription or more if you can.
• Walking where you can.
• Planning meals to lower food waste.
• Turning off plugs at the plug switch, not leaving items on standby.
• Sign up for loyalty programmes of supermarkets or shops you use regularly.
• Call up companies you pay monthly to, such as Sky or internet services. You can sometimes negotiate for a smaller bill or they may be able to apply a short term discount. Just call and ask you have nothing to lose.

What if I’m Struggling With Debts?

Although owing money can be a terrible pressure there is help out there. Do not ignore it as this will really only make it worse. If there is a possibility of missing a bill payment be sure to call up and notify the company. Letting them know when the payment will be available. This can, but not always, help with incurring further charges. Alternately you can try to set up a payment plan but will need to ask the company what they offer. If the company you’re calling can’t help or if your debts are mounting there is more help.

You can check out the gov.uk debt information which includes more resources and links that may be helpful. There are also many great charities such as the National Debtline that have amazing information, guidance and help.

What is your top budgeting tip? Maybe you have a great cleaning hack that’s been saving you the pennies? Or are you queen of leftovers? Let us know in the comments below as we’d love your input.

Lots of Love and Happy New Year for 2022,
Tahnee xxx